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Financial Literacy

Welcome to the Williams Financial Literacy Initiative!

What is Financial Literacy? It’s the knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.

This pilot initiative organized by the Center for Learning in Action (CLiA) aims to provide accessible resources to help all students improve their money management skills and overall financial well-being while at Williams and beyond. This website serves as the gateway to online training and additional resources to help students with their personal goals and to help their families and communities. 

Williams is partnering with the non-profit Kindros to provide a free financial literacy learning platform for Williams students that offers online training in personal finance fundamentals, including earning, budgeting, saving, borrowing, credit scores, and insurance. The nine-section platform offers short modules that can be completed in any order and at one’s own pace. 

The initiative will also feature some in-person workshops on personal finance topics, opportunities to provide feedback on how to improve offerings, and ways to engage in financial literacy work in the wider community.

Please contact [email protected] with any questions.

  • Current Events

    Financial Literacy for the Williams Journey: Workshop for Williams Firsts

    Wednesday, August 28th, 3:30-4:30pm Bronfman Auditorium

    An introduction to the Kindros personal finance training platform and resources to help students start Williams on a solid footing. In addition to reviewing a few fundamentals,  attendees learn about some money-saving ways to get stuff they need, such as shopping at the Student Free Store at the Goodrich Coffee Bar, the ABC Clothing Shop on Spring Street, and the Goodwill Store in North Adams, and joining the Buy Nothing Williamstown Facebook group.

    Past Events

    Income Tax Filing Workshop for Williams Students
    Tuesday, March 5th, 6:30-8:00pm
    Sawyer 269 (CET Instruction Room)

    CLiA Financial Literacy Initiative team members and IRS-certified Volunteer Income Tax Assistants (Williams staff and students) will offer guidance and be on hand to provide one-on-one support for Williams students with filing income tax returns using free online platforms. Olympic Pizza and snacks will be provided.

    Note: Williams will reimburse any current undergraduate financial aid student for the amount of federal tax liability generated by their taxable scholarships and grants as detailed in their Williams financial aid award. Complete this Google Form to request reimbursement.

    Other FAQs answered here: https://www.williams.edu/sfs/current-student-faqs/#filing-your-federal-taxes

    • Volunteer Income Tax Assistance Program: The Volunteer Income Tax Assistance Program is both a class offered during Winter Study (currently cross-listed under ECON 22 and POEC 22) and a community service program which provides low-income taxpayers assistance filing their income taxes.
    • Banzai for Education: You can engage with this platform in a wide variety of ways. The best part of their platform is the games, which can be found in the courses section (I would ignore the grade level labels, the middle school course has a budgeting game that is very helpful). Besides budgeting, there are also games about saving for retirement, saving for college, digital safety, etc. Games are helpful because you can apply the information you learned. Besides games, they have interactive coaching sessions with a digital assistant that helps you on a variety of topics, like creating a personalized plan for a budget or learning more about a topic. There are also calculators for savings and other planning. If you learn better by reading, they have articles that cover topics from saving, insurance, retirement, taxes, life changes, housing, borrowing and credit, investing, budgeting, and running a business.
      Note: Check out Greylock Federal Credit Union's videos for additional information on how to navigate Banzai. 
    • Napkin Finance: This website has a series of napkins, which are short overviews of many financial topics with the option of further readings. The topics range from college, credit, economics, entrepreneurship, insurance, investing, real estate, and retirement. They also have a series of courses on the basics that incorporate their napkins. In the Resources tab of the website, there are 1-2 minute video overviews of topics, infographics, quizzes, calculators, and worksheets. Overall this site is very visually appealing and is great for both beginners and more advanced learners.
    • Investopedia: Investopedia is great for learning about any topic related to finance that you can think of. Although most of the platform is dedicated to spreading information about investing, it also has a great "Personal Finance" tab that covers topics such as loans, budgeting, saving, personal finance topics by age, retirement, insurance, etc. They also have articles about economic principles and news related to the economy, government, investments, and personal finance. Their reviews section can be useful for choosing specific financial service recommendations. Although Investopedia has articles covering basic personal finance topics, because most of their information can be a bit niche and uses jargon, Investopedia is a great resource to use after reading more basic information on other sources to understand the nitty-gritty points. I recommend searching up a topic you’re interested in on Investopedia’s website, there is almost definitely an article about it! Overall, the site is very transparent about who wrote the article, who fact-checked it, and who reviewed it. 
    • Intuit for Education: This format is similar to the Kindros platform since it has a specific curriculum with check-ins. Intuit utilizes mostly video along with supplemental articles for teaching content. The content covers money mindset, banking, budgeting, saving, credit, investing, career planning, paying for college, insurance, taxes, and economics. Most videos are short, usually between 1-2 minutes. But there are longer videos sprinkled in. Activities, like matching definitions, simulations, quizzes, and thinking exercises are incorporated into the modules, which are great for enforcing concepts and applying knowledge. A great feature of this platform is the simulations, which allow you to practice skills like filling out a tax return or reading a credit report. A downside of the simulations is that they are based on Intuit's products, so the simulations are only for TurboTax or Credit Karma. There are also some calculators and games, although I prefer the games on Banzai in terms of content. The content covered is basic, so I would recommend utilizing higher-level resources after completing the modules to become more financially literate.
      Caution: Beware of potential biases when using this site since Intuit owns TurboTax, CreditKarma, MailChimp, and QuickBooks.
    • Consumer Financial Protection Bureau (CFPB): Whether you're applying for a mortgage, credit card, or bank account, it is important to understand the potential fees associated with those services and potential scams or unfair practices. The Consumer Financial Protection Bureau (CFPB) has a tab called "Consumer Education" that contains some general information about financial services and products, however, this tab mainly contains information on the potential fees and terms associated with various financial products and services along with information about what you’re entitled to when you sign up for a financial service so you can avoid scams and get help. If you need additional help with a financial product or service, you can submit a complaint about the product or service and the CFPB will try to get you a response from the company. 
    • Federal Trade Commission (FTC) Consumer Advice: The website contains general information about shopping methods, financial products and services, theft, jobs, and spam, but their site is mainly focused on warning you against various types of fraud. They have great information on numerous potential scams and your rights, such as how to dispute an error on a credit report, investment scams, identity theft, spam calls, debt relief scams, health product access, and much more! They also have a section called "Consumer Alerts" which are articles that update you about the latest scams. 
    • Federal Reserve Bank of St. Louis: Ever wonder why grocery store prices are still high even though the inflation rate is falling? The Federal Reserve Bank of St. Louis produces a series of readings called Page One Economics for students. Page One Economics discusses relevant economic issues/news and connects them to daily life. For some months, Page One Economics produces an edition called "Focus on Finance," which is made to specifically educate about personal finance. An aspect of financial literacy is understanding how wider economic policies impact your personal finance choices and plans. It is important to be informed about the news, especially if you are investing. 
    • HowTheMarketWorks (HTMW): The real-time stock simulator on here is great and you can join contests. Their "Learning" tab is filled with useful investing information that caters to a wide audience with articles from making your first trade to how to use technical analysis. This platform is great for learning about investing strategies, whether you are a beginner or a more educated investor. This platform also has a lot of information about a given stock in the "Research" tab and you can also find company filings on HTMW to better help you analyze a company and decide which stocks to buy. Beyond just stocks, on this platform, you can also simulate investing in options, bonds, futures, mutual funds, futures options, forex, cryptos, and equities from 50 global exchanges.
    • How Money Smart Are You?: This platform teaches financial literacy basics like earning, saving, spending, borrowing, and protecting your money in a game show format. First, you learn the concepts and then compete in a game show that quizzes you based on the content you just learned. You can also earn certificates to save your progress. There is also a resources section where you can read a quick overview of each topic covered by the games. After finishing these games, reading a source like Investopedia would be helpful to better understand the particulars of a financial product or service.
    • The Balance: Whether you are looking for savings accounts with the best interest rates, budgeting apps, or guidelines to help you find the best credit cards, The Balance is a great source of information. If you’re looking for product recommendations, it is vital that you find an impartial source. The Balance is very transparent about its sponsorships, advertisers, and the qualifications of its review board. The Balance is also a great place for learning more about personal finance topics, like how the stock market works. They have many guides, like how to write a check or Certificate of Deposit strategies. These guides and best of lists can help you transition from being financially literate to applying your knowledge to become financially competent. Read about their product review process here.
    • IRS: It's no surprise that the IRS website is the best resource for tax questions. But this website may surprise you with just how much content is on here. There is an Interactive Tax Assistant that answers your questions based on personal information that you input (data is not stored or collected). The "Tax topics" portion is helpful for understanding the nuances of tax filing. There are also publications, which are guides that cover tax filing for specific situations, they are very in-depth and are mostly understandable, albeit a bit tedious. The publications have tips that help you reduce your tax liability. Example scenarios are included in the publications, which are very helpful. As a Williams student, I recommend reading or skimming Publication 970 to fully understand education tax benefits.
    • Investor.gov: This website is great for learning the principles of investing, like risk and whether or not you should use professional investing services. The calculators are also helpful, like the compound interest calculator. The additional information section has quizzes for checking your understanding. Their glossary of investing terms is also useful.
    • Two Cents:Two Cents is a show produced by PBS and hosted by Julia Lorenz-Olson and her husband Phillip. Lorenz-Olson completed her Accredited Financial Counseling Certification in 2021. The show focuses on discussing current personal finance issues, like whether electric cars are a good investment. The channel also gives money-saving tips along with some investing advice. The show has won a regional Emmy and multiple Tellys. Two Cents can also be viewed on the PBS website. Also on PBS are three games by the NOVA Financial Lab. These games help you practice budgeting for wants vs. needs, learn about compound interest, and understand opportunity cost.
    • Cara Nicole: Her videos are centered around the intersection between money, media, and intentional living. Learning how to manage your money is important, but so is your mindset surrounding money, which is why I like this YouTube channel. She covers relevant topics like how social media affects the way you spend your money and encourages viewers to be more intentional with the way they spend their money, which is very useful for managing a budget and preventing debt.
    • Greylock Federal Credit Union: They have a few videos on fraud prevention, tax refunds, student loan repayments, how to use Banzai, and also a video about Greylock's financial coaching services. This is a good starting point to learn about Greylock's services and how to utilize them. There are a few videos in Spanish that cover common personal finance questions like credit.
    • The Babson Financial Literacy Project: The Babson Financial Literacy Project (BFLP) is a not-for-profit initiative designed to help young adults acquire the necessary financial knowledge and skills for long-term independence and prosperity. An important part of our mission is to fill the financial literacy gap for underserved populations.
    • Boston University Smart Money: BU Smart Money exists to help the Boston University community learn to manage personal finances more effectively via module-based asynchronous learning, timely information, and BU-specific tips.
    • Champlain College Center for Financial Literacy: The Center for Financial Literacy focuses its efforts on creating programs to help educators nationwide improve financial education in their classroom. The center’s innovative and nationally recognized training for K-12 educators is designed to confer the confidence, knowledge, and resources that make a lifelong impact on the lives of their students.
    • Wesleyan University CashCourse: Wesleyan University has teamed up with CashCourse to provide information regarding financial literacy and assist students in navigating the financial world.